Equity Market Report - 2nd February, 2023

Equity Market Report - 2nd February, 2023
(Source: Vetiva Research, Date: 02-Feb-2023)

From the trader's desk...The local bourse maintained yesterday's positive close, rising 93bps to settle at 53,998.12 points. Once again, the oil & gas sector led today's gainers as price appreciations were recorded in SEPLAT (+950bps) and MRS (+10.00%). Also, pushing the NGX30 index further north was the 378bps gain recorded in MTNN, while GEREGU also closed up 429bps. Activity-wise, total traded volume was off the charts, due to the 2.7 billion units of UNIVINSURE's shares crossed at ₦0.20, which accounted for 95% the day's volume, while the top 2 traded names by value "" AIRTELAFRI and GEREGU accounted for 65% of the day's turnover of ₦8 billion. Lastly, market breath closed positive at 2.08x, as gainers outnumbered losers, 27 to 13.

What will shape the market tomorrow?We expect earnings result to dictate market performance tomorrow, while large-cap counters elevate activity level. Stocks to WatchOn the bid Cart: MRS joined SEPLAT on the top gainers chart today, both lifting their sectoral index by 517bps. With MRS closing the day at ₦17.60 and SEPLAT at ₦1,325, the sector's YTD return now at an impressive 14.87%.

On the Offer Cart: The two consecutive days of decline in the insurance sector has eroded the 2.98% gain recorded on Tuesday, bringing WTD return to a negative 4bps. Also, four out of the top five losers were insurance counters. Equity Dealing DeskVetiva Securities LimitedPlot 266B, Kofo Abayomi StreetP. O. Box 73530 Victoria IslandLagos, NIGERIATel: +234-1-4617521-3, 2700657-8; Fax: +234-1-4617524. Website: www.vetiva.com

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